BALRAMCHIN Q1 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,542 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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What the record says.
Balrampur Chini Mills reported a steady start to FY26, with sugar and distillery revenues rising on higher volumes and realizations, though crushing dropped ~66% due to a short season, leading to fixed overhead underabsorption. Management highlighted favorable monsoon conditions and improved crop health, expecting sugar production to rise 18% YoY to 350 lakh tons (pre-diversion) for the upcoming season. The PLA project remains on track for commissioning in Q3 FY27 (Oct 2026), with 927 crores spent so far on total capex of 2,850 crores. First-year PLA capacity utilization is targeted at 50%, ramping to full within six months. Key risks include delayed government policy on ethanol pricing and MSP, which could pressure margins in a surplus year. The company is actively lobbying for ethanol price hikes and export allowances to manage inventory.
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Guidance to track
- PLA plant commissioning targeted for Q3 FY27, with first-year capacity utilization of 50% and ramp-up to full capacity within six months.
- Management expects ethanol price revision soon, given surplus sugar production and government's commitment to blending program.
- Management expects government to allow sugar exports around January 2026, similar to last year, to manage surplus.
Risks flagged
- Ethanol prices unchanged for two years; delay in revision could pressure distillery margins, especially in a surplus year.
- State Advised Price for cane may increase, raising input costs; if not offset by ethanol price hikes or MSP, margins could compress.
- PLA is a new technology for the company; achieving full capacity within six months may face technical or market adoption hurdles.
Key quotes
- I am very hopeful especially since government has said it's such a beneficial program. Why not do what they've not done for two years.
- We are hoping for a lot of mandates from the governments which is in their sort of own thinking and within their own mindset that maybe it's from some departments which will eat up more than we can make.
- Our rampur's DNA and personality is we focus on achieving one and then looking at the second. I don't to dream so much. I want to achieve and then dream.
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